MiFID II and GDPR regulations affecting the European Union

MiFID II and GDPR regulations affecting the European Union

Markets in Financial Instruments Directive (MiFID II) and the General Data Protection Regulation (GDPR) laws being enforced within the European Union (EU) is making headlines and will be taking effect January 2018 and May 2018 respectively. The laws target personal and sensitive information, and they look to expand their scope and effect to businesses within the EU.

If you record your calls or intend to record your calls for your business, here are a few things to be aware of when it comes to complying with the above regulations.

Please note: Versadial Solutions does not offer legal advice. It is highly recommended you seek assistance from your legal adviser. This is only a brief overview of general regulations and the laws and not intended as legal counsel.

Complying with MiFID II and GDPR if recording your calls:

  1. Transactions: Calls concerning a transaction must be recorded.
  2. Storage Requirement: Recordings must be stored for a minimum of 5 years. Under GDPR recordings must be limited to a 5-year timeframe.
  3. Search and Playback: Must be able to find specific calls within a certain period and provide them upon request.
  4. Secure and Encrypted: Recordings are securely located and encrypted for protection. Only authorized users have access to recordings, physical and via software UI.
  5. Tracking: Editing and removal of recordings are tracked with an internal audit log.

How VSLogger can help you comply with MiFID II and GDPR:

  1. Transactions (MiFID): VSLogger can record all inbound and outbound calls. Either connect to the extension or trunk side, calls are recorded automatically.
  2. Selective Recordings (GDPR): VSLogger can be configured to record specific extensions and inbound and outbound automatically, or record on demand by the user.
  3. 5 Year Storage: Our proprietary compression allows up to 150,000 hours of recording on a standard server. With auto-archiving, storage is unlimited. Additionally, the ability to delete calls older than 5 years ensures the security of the data which prevents the risk of holding onto calls longer than necessary.
  4. Redundancy: VSLogger standard server operates on a Raid 1 with redundant backup. Other server options allow for redundant power, and optionally dual servers can be run in parallel for 100% server redundancy. Built-in alarms allow for instant notification if recordings stop or there is an error with the recording server.
  5. Search and Playback: VSLoggers intuitive UI allows novices to search and find specific calls or calls within a given time range. Call data is automatically captured and stored with the recordings, allowing for easy playback and downloading of calls.
  6. Secure and Encrypted: VSLogger granular permissions allow administrators to secure recordings on the server. Allowing only authorized users to access and playback calls. Additional Vaults feature allows calls to be heavily encrypted and stored on the server, allowing only those with the specific access key to unlock the vault to listen to the recording.
  7. On-premise: VSLogger is an on-premise solution. The server and recordings are stored locally within your organization, keeping them secure and easily monitored and compliant.
  8. Audit log and Checksum: VSLogger tracks and logs users who edit and delete audio recordings. Additionally, VSLogger offers a checksum utility that notifies the user if the audio recording has been tampered with.